Price is facing bearish pressure as it continues to be below the ascending trendline support (now resistance). We could see price bearish at 1st resistance at 109.960 in line with our 50% Fibonacci retracement and 38.2% Fibonacci extension to further downside towards 1st support at 109.113 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension . Our bearish bias is further supported by MACD showing a bearish signal with the signal line above the MACD line. Otherwise price might bullish to 2nd resistance at 110.394 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 109.960
Reason for Entry:
50% Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 109.113
Reason for Take Profit:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
Stop Loss: 110.394
Reason for Stop Loss:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
